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Sheffield Resources Limited (ASX:SFX) says it will sell its Oxley Potash tenements in Western Australia to Centrex Metals (ASX:CXM) for $2.5 million.
The deal involves an upfront cash payment of $1 million followed by a further $1.5 million after approvals and government consents.
The sale co-incides with a $1.5 million R&D tax refund and will leave Sheffield with around $8 million cash to advance its Thunderbirds mineral sands project and Fraser Range nickel exploration.
Sheffield Resources reported a net loss of $2.6 million for the full year ended 30 June 2014.
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